RAK Petroleum announced a net profit of US$5.4 million for the third quarter ended 30 September 2010 (unaudited), its sixth consecutively profitable quarter, according to a company statement. For the first nine months of 2010, the company posted a net profit of $16 million compared with a profit of $7.8 million for the full year 2009.
“We are pleased to report the company’s sixth consecutively profitable quarter as we continue to build a strong platform for future growth,” said Bijan Mossavar-Rahmani, chairman of the board of directors and CEO of RAK Petroleum.
Turning to other blocks in which RAK Petroleum has an interest, Mossavar-Rahmani noted that the company had recently acquired an additional 60% interest in the Saleh gas field in Ras Al Khaimah and would commence redevelopment operations in the fourth quarter.
The company also announced that the Zad 2 exploration well in Block 47, Sultanate of Oman, had spudded on 9 October and would take three months to drill to the target depth of 4,200 metres. Repsol Exploracion is a 50% non-operating partner in Block 47.
At an extraordinary meeting of shareholders held on 4 October, Dr. Zalmay Khalilzad was confirmed as the seventh director of the board by shareholder vote.
Dr. Khalilzad is chairman of Khalilzad Associates LLC and former Ambassador to the United Nations, Iraq and Afghanistan.
